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Posted: Tue May 05, 2009 5:21 pm
by endoftheline
My husband and I have failed an IVA and so we tried for a DMP but my husband has just took a 10% paycut so we don't even have enough surplus money to qualify fora DMP. We have a Charging Order on our property in my name. Based on the info given may I ask a hyperthetical question. Can either of us change the deeds on our mortgage so that the property is in just one of our names enabling one of us to go for bankruptcy as we do not want to loose the house. This being possible we would then have enough surplus money to do aN IVA OR DMP as some debts are joint some are in my name and some are in my husbands name. Sorry for the enormous question!
Posted: Tue May 05, 2009 5:26 pm
by Adam Davies
Hi
You will not be able to do that.
You can't pass on an asset at under value.
How much equity do you actually have in your property at the moment ?
Regards
Posted: Tue May 05, 2009 5:34 pm
by kallis3
If you have no equity in your property, you could both declare bankruptcy and probably keep your house.
Posted: Tue May 05, 2009 6:25 pm
by MelanieGiles
Is there any equity in the property, taking account of the charging order?
Posted: Tue May 05, 2009 8:35 pm
by endoftheline
[quote]Originally posted by andydavie
Hi
You will not be able to do that.
You can't pass on an asset at under value.
How much equity do you actually have in your property at the moment ?
Regards
[/Probably around £20,000 based on todays market value this is after the charging order.quote]
Posted: Tue May 05, 2009 8:36 pm
by endoftheline
MelanieGiles wrote:
Is there any equity in the property, taking account of the charging order?
As I said to Andy, we would probably have £20,000.00 after the charging order.
Posted: Tue May 05, 2009 8:38 pm
by MelanieGiles
This will be at risk under bankruptcy proceedings, so it might be sensible at this stage to get a valuation of the property to ensure you know exactly what the equity position is before you leap into bankruptcy.
How much disposable income do you have available now, and how much do you owe to creditors in total?
Posted: Tue May 05, 2009 9:15 pm
by endoftheline
MelanieGiles wrote:
This will be at risk under bankruptcy proceedings, so it might be sensible at this stage to get a valuation of the property to ensure you know exactly what the equity position is before you leap into bankruptcy.
How much disposable income do you have available now, and how much do you owe to creditors in total?
Hi Melanie, We have 60,000.00 debt and 100.00 disposable income.
Regards
Posted: Tue May 05, 2009 9:37 pm
by MelanieGiles
Get the valuation - a local estate agent ought to do this on a free of charge basis, but tell them you need a forced sale valuation, and then post the details on the forum so we can advise further.
It would also be helpful if you could get your hands on a current mortgage redemption statement as well.
Posted: Wed May 06, 2009 6:53 am
by David Mond
If one of you with all of the debts declares bankruptcy, you will be able to "buy out" his/her share of any net equity.